“The PNP has taken the right steps in its first 2 months,” according to Alerta Progresista. Alerta Progresista describes its organization as “the largest social media political movement in Puerto Rico.” They’ve compiled a report off all the actions the new government of Puerto Rico has taken in support of economic progress.
Here are the steps Governor Rossello’s government has taken so far to cope with the fiscal crisis:
Administrative Order 2017-01 of AAFAF to freeze the expenses of other budgetary years for which no funds were identified and to freeze the new tax credits that do not contribute to the economy or create jobs.
- Executive Order 2017-20 to be more efficient and provide services through the Integrated Services Centers
- Executive Order 2017-21 to increase funding of the University of Puerto Rico to $ 100 million annually
- Executive Orders 2017-12 and 22 to secure funds for Medicaid and Medicare programs
- Other reforms to reduce costs and be more efficient within the Department of Public Security
- Single Employer Act No. 8-2017 to make a more efficient government while retaining jobs
- Act No. 7-2017 to address discrimination against Puerto Rico in federal programs
- Law No. 5-2017 to focus on guaranteeing essential services but in negotiation and compliance with creditors
- Act No. 3-2017 to extend the 4% tax to foreign corporations for 10 years and to take control of expenses
- Act No. 2-2017 to create the Financial Advisory Authority and Fiscal Agency with authority to make adjustments in agencies and have fiscal control
- Law 15-2017 that creates the Office of the Inspector General for better control of expenses and to avoid corruption
- Act No. 1-2017 to allocate Primero Mining Corporation earnings to Retirement
- Executive Order 2017-05 to establish in Puerto Rico for the first time a zero-based budget that will achieve cost savings
- Executive Orders 2017-01 and 2017-09 to reduce expenses by cutting jobs, reducing everyday expenses, and decreasing agency costs, all by specific percentages
Alerta Progresista reports that these changes are estimated to add up to a savings of $100,000,000 annually.
These are the actions the new government has taken toward Economic Development:
- Administrative Order 2017-01 to create a new tax credit assessment process to really create jobs and attract investment
- Executive Order 2017-16 to create a multi-sectoral group to encourage the construction industry
- Executive Order 2017-15 to create Puerto Rico Innovation and Technology Services (PRITS)
- Executive Order 2017-23 to establish the My House Program to provide access to housing for the most needy and boost the economy
- Law 12-2017 to encourage the economic development of seniors.
- Law 10-2017 to create the Office of Socioeconomic and Community Development in Puerto Rico
- Opening the Island for the investment of the world including conferences for public-private alliances that have already raised the interest of the national and international market
- Economic incentives for projects with federal funds for innovation, science and technology
- Permit Reform to expedite the granting of permits and economic development
- The Plebiscite Law (Law 7-2017) to address the colonial problem that limits economic growth
- Act No. 5-2017 of Compliance to reestablish the credibility of P.R. And attract investment
- Act No. 4 of Labor Reform to make Puerto Rico more competitive and create new jobs
- The ODSEC Project to encourage economic development in special communities
- Law 9 for professionals in general and Law 14 for physicians in particular, to stop the migration and to encourage the industry
- Act No. 1 to facilitate Public Private Partnerships
- The BMD Project to promote tourism
- The Enterprise PR Project, Law 13, to attract investment
- Executive Order 2017-03 and 04 to expedite the granting of infrastructure permits and create a task force for these purposes
- Executive Order 2017-02 to create the Federal Opportunity Center and bring up to $ 1 billion more in federal funds.
Alerta Progresista concludes that all this action gives the new fiscal plan credibility.